The Indian stock market kicked off the holiday-shortened week with an impressive surge, marking a positive shift for investors. The Nifty 50 index rose by 2.19%, closing at 23,328.55, while the Bank Nifty climbed 2.7% to wrap up the day at 52,379.50. Most sectors experienced gains, particularly in the real estate and automotive industries, reflecting a robust market sentiment. The broader markets also thrived, with both midcap and smallcap indices advancing nearly 3% each.
Positive Market Sentiment
Sumeet Bagadia, the Executive Director at Choice Broking, notes a significant turnaround in market sentiment as the Nifty 50 has decisively surpassed the 50-day exponential moving average (DEMA) resistance at 23,000. He emphasizes the bullish momentum, suggesting that the index’s close above 23,300 indicates strong buying power among investors. Bagadia forecasts that the index is poised to reach its next target of 24,000 soon.
Stock Recommendations for Today
Bagadia encourages investors to adopt a stock-specific strategy, focusing on shares that exhibit strength in their technical charts. Here are his top five breakout stocks for intraday trading:
-
Healthcare Global Enterprises:
- Buy at ₹574
- Target: ₹615
- Stop Loss: ₹555
-
Prataap Snacks:
- Buy at ₹1,253.30
- Target: ₹1,333
- Stop Loss: ₹1,200
-
Kaynes Technology India:
- Buy at ₹5,520.90
- Target: ₹5,900
- Stop Loss: ₹5,333
-
Coromandel International:
- Buy at ₹2,194
- Target: ₹2,323
- Stop Loss: ₹2,100
- Kaveri Seed Company:
- Buy at ₹1,568.80
- Target: ₹1,680
- Stop Loss: ₹1,515
Conclusion
With the Nifty 50 breaking through critical resistance levels, the outlook for the Indian stock market appears optimistic. Investors are encouraged to remain focused on stocks with strong technical indicators. As always, it’s prudent to conduct thorough research and consider market conditions before making investment decisions.
